The Taiwan Startup Institute under the Ministry of Science and Technology concluded a memorandum of understanding with U.S.-based AgilePoint Inc. March 12 in Taipei City in a move aimed at fast-tracking promotion of innovative local startups.
 
Under the pact signed by TSI Project Leader Lee Da-sheng and AgilePoint CEO Jesse Shiah, the firm will offer its business process management software, codenamed Low Code Platform, to help Taiwan existing firms and startups streamline operations, cut R&D costs and fast track digital upgrades.
 
The user-friendly, artificial intelligence-enabled platform will be provided free of charge to small and medium enterprises and startups in the sectors targeted for strategic promotion under the government’s five-plus-two innovative industries initiative.
 
A central plank in President Tsai Ing-wen’s New Model for Economic Development, the initiative covers the biotech and pharmaceuticals, green energy, national defense, smart machinery and Internet of Things sectors, as well as the circular economy and a new paradigm for agricultural development.
 
According to TSI, there are around 1,900 local firms in the seven designated sectors. By assisting those businesses in scaling up their operations and facilitating commercialization of R&D results, the initiative will help create at least one unicorn—a startup valued at US$1 billion or above—in the near future.
 
The goal is in line with targets issued by Premier Lai Ching-te last month that the government foster the country’s first unicorn startup in two years and promote additional investment of NT$5 billion (US$170.77 million) every year in innovative startups before 2023. (SFC-E)